Freeport-McMoRan Inc. (NYSE:FCX) announced today that James R. Moffett,
Chairman of the Board, co-founder, and long-time executive, will step
down from FCX’s Board of Directors and as Executive Chairman. Mr.
Moffett, who has been named Chairman Emeritus, has agreed to become a
consultant to the FCX Board, including providing advisory services in
support of the company’s ongoing discussions with the Indonesian
Government regarding its Contract of Work.

The Board has elected Gerald J. Ford as Non-Executive Chairman. Mr. Ford
has served as FCX’s Lead Independent Director since 2013.

“During his over 50-year career in the natural resource industry, Jim
Bob has become an icon as an explorationist,” said Gerald J. Ford.
“Freeport-McMoRan has been built from his exceptional leadership, strong
work ethic and vast knowledge of both the industry and our company’s
operations.”

Richard C. Adkerson, stated: “It has been an honor and a privilege to
have benefited from Jim Bob’s broad experience, commitment and support
throughout the years.”

Salute to Jim Bob, Chief Geologist

“Jim Bob has been our chief geologist and has demonstrated great passion
for exploration throughout his career,” said Mr. Adkerson. “He was
instrumental in the discovery and development of our Grasberg deposit in
Indonesia, which has grown to become one of the world’s largest copper
and gold deposits.”

Mr. Moffett has served as Executive Chairman of FCX since 2003 and
previously served as FCX’s Chief Executive Officer from 1995 to 2003. In
1969, Mr. Moffett and two associates founded McMoRan Oil & Gas Co.,
which developed into one of America's leading independent oil and gas
companies. In 1981, Mr. Moffett led the effort to merge McMoRan Oil &
Gas Co. and Freeport Minerals Company. The merger resulted in the
establishment of FCX’s former parent company, which became a global
natural resource company. He served as its Chairman and Chief Executive
Officer from 1984 until its acquisition in 1997.

Mr. Moffett has also been a noted civic leader and has received many
awards during his career, including the 1990 Horatio Alger Association
of Distinguished Americans Award. In 2000, he received the Association's
Norman Vincent Peale Award for his exceptional humanitarian
contributions to society. He is also a member of the University of Texas
McCombs School of Business Hall of Fame and the American Mining Hall of
Fame, Mining Foundation of the Southwest.

FCX is a premier U.S.-based natural resources company with an
industry-leading global portfolio of mineral assets, significant oil and
gas resources and a growing production profile. FCX is the world's
largest publicly traded copper producer.

FCX's portfolio of assets includes the Grasberg minerals district in
Indonesia, one of the world's largest copper and gold deposits;
significant mining operations in the Americas, including the large-scale
Morenci minerals district in North America and the Cerro Verde operation
in South America; the Tenke Fungurume minerals district in the DRC; and
significant U.S. oil and natural gas assets in the Deepwater GOM,
onshore and offshore California and in the Haynesville natural gas
shale, and a position in the Inboard Lower Tertiary/Cretaceous natural
gas trend onshore in South Louisiana.

But Anadarko Basin faces declining production as drilling slows By Richard Rostad, analyst, Oil & Gas 360 Oil & Gas 360 has released its latest Effective Rig Count, evaluating the state of drilling activity and reported production from the major shale basins. The Effective Rig Count continued to slide in February, dropping by 33 to 2,782. This indicates that it would[Read More…]